Today's Stock News - 06.12.2019: 09.00 Am
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* ALLCARGO LOGISTICS: The board of the company on Thursday approved buying 19.43% stake in GATI, besides making an offer for 26% more stake from promoters Mahendra Agarwal and his associate companies and fresh share subscription.
* AMTEK AUTO: Supreme Court on Dec 2 granted the company's resolution professional and committee of creditors an additional time of 30 days to invite expression of interest.
* ANDHRA BANK: The Reserve Bank of India on Thursday imposed a penalty of 2.5 mln rupees on the bank for non-compliance with norms related to know-your-customer, anti-money laundering, and opening of current accounts.
* BHARTI AIRTEL: S&P Global Ratings has affirmed its 'BBB-' long-term issuer credit rating on the company, keeping the rating on credit watch with negative implications as the company looks to mitigate the impact of the unfavourable Supreme Court order on adjusted gross revenue, due to which the company is to pay 343 bln rupees to the government by Jan 22.
* DEEPAK NITRITE: The company plans to invest around 2 bln rupees in the next three-nine months for setting up a facility for a solvent - isopropyl alcohol at its existing complex at Dahej in south Gujarat.
* DEWAN HOUSING FINANCE CORP: Fixed deposit holders of the company have been asked to submit their fixed deposit claims to the insolvency professional by Dec 17.
* GRASIM INDUSTRIES: Himanshu Kapania, vice-chairman and non-executive director of the company's board, has stepped down and will relinquish his role with effect from Dec 31.
* GREAVES COTTON: Has launched BS-VI compliant single cylinder diesel engine for three wheelers.
* GREENPLY INDUTRIES: Looking to pay off its long-term debts over the next three or four years. Till September this year, the company had debt of 1.7 bln rupees on its books.
* HINDUSTAN UNILEVER: Edelweiss Securities expects the company's earnings growth to improve on account of the company's continued push for premiumisation.
* INFO EDGE INDIA: SoftBank will not invest any funds into Diphda Internet Services, which is a
subsidiary of the company, as the closing conditions, including the approval of the Foreign Investment Facilitation Portal, have not been consummated yet.
* JAYPEE INFRATECH: JSW Infrastructure said it has reached an understanding with Suraksha Realty to provide financial and technical support to Suraksha Realty, which has submitted the final offer to acquire the company.
* KWALITY: Committee of creditors rejected resolution plan for the company submitted by a consortium of Haldiram Snacks and Pioneer Securities in October.
* MAHINDRA & MAHINDRA: Has on Thursday completed acquisition of 36.63% stake in Meru Travel Solutions in its first tranche for 447 mln rupees.
* MAHANGAR TELEPHONE NIGAM: The government is aiming at asset monetisation worth 2 bln
rupees for Bharat Sanchar Nigam and 3 bln rupees for the company in 2019-20 (Apr-Mar) as part of its revival plan for the two embattled public sector telecom companies, Minister of Communications,
Electronics and Information Technology Ravi Shankar Prasad said in a written reply in the Rajya Sabha on Thursday.
* MERCATOR: The board has approved the strategic sale of participating interest in an oil block of the company's subsidiary Mercator Petroleum.
* NARAYANA HRUDAYALAYA: Has shelved plans to set up a 130-bed hospital in Nairobi, Kenya, as Africa Health Fund was unable to fund the project further.
* NIRLON LTD: Has signed a long-term leave and licence agreement with JP Morgan for premium office of around 1.15 mln sq ft at Nirlon Knowledge Park in Mumbai.
* SADBHAV INFRASTRUCTURE PROJECT: Wholly-owned subsidiary Sadbhav Tumkur Highway has terminated concession agreement with National Highways Authority of India due to non-availability of required 80% of right of way by NHAI within stipulated time period.
* RBL BANK: Has set an issue price of 351 rupees a share for its 20.25-bln-rupee qualified institutional placement of 57.77 mln equity shares.
* TATA MOTORS: Subsidiary Jaguar Land Rover's retail sales in the UK fell 9% on year to 8,199 units in November.
-The board has approved allotment of 201.62 mln shares at 150 rupees apiece and 231.33 mln
warrants at 150 rupees each on preferential basis to promoter Tata Sons.
-In the process of setting up at least seven regional stockyards to ensure delivery of cars in 3 days.
* VEDANTA: The Ministry of Coal has approved allocation of coal mines to the company, PRAKASH INDUSTRIES, and BIRLA CORP, the ministry said in a statement. The companies had successfully bid for coal mines put under auction in the first week of November.
* VST TILLERS TRACTORS: Tractor sales declined nearly 10% on year in November to 568 units. Sales for Apr-Nov were down 3% at 5,311 units.
* YES BANK: Moody's Investors Service on Thursday downgraded the bank's long-term foreign currency issuer rating to B2 from Ba3 as potential stressed assets and likely higher provisions may add pressure on its funding and liquidity.
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